Latest Best Mortgage rates

[MortgageQueen]

Ugh! I don't know how people can live with their windows facing the 400.

[beachdown]

It's a Million dollar view though..you get to see all the goings on, and play spot the next plane coming into Pearson

Ugh! I don't know how people can live with their windows facing the 400.

[ING_rep]

Hello! So what are the latest best mortgage interest these days? Any risk going with a broker instead that with a bank? Are there any fees when changing from one bank to another for the mortgage (like notary fees?) Would a bank pay for it if we negotiate?

[MortgageQueen]

Hello! So what are the latest best mortgage interest these days? Any risk going with a broker instead that with a bank? Are there any fees when changing from one bank to another for the mortgage (like notary fees?) Would a bank pay for it if we negotiate?

Wow. . . you packed quite a few questions in there. :0

First of all, I see you are from Quebec. QUebec has different rules/policies etc. so I can't really answer those questions for sure. I can say, it's "likely" it would be similar to rest of Canada.

But I will answer for the rest of Canada (with some exceptions)

There are still a few lenders offering 2.54% for a 5 year fixed. Ditto for Variable 5 year for 2.05%, but many have already raised rates, so I can't say how long that will be on the table.

Going with a qualified broker as opposed to a bank is almost always better. BUT each case is unique to itself, and there have been times I have recommended clients stay with their bank. If you have a good broker, they will be looking after your interests foremost.

For switching from one lender to another: There are some lenders that will cover fee, but the transaction must be worth it for them. You may (likely) need an appraisal too determine value of property. In these circumstances, it's a matter of calculating the costs Pros/Cons.

In regards to negotiating costs involved, you can always try. If you know which Lender you want to go to specifically, I'd still talk to a broker because that Lender may not be all it's cracked up to be (i.e. hidden fees)

[Karen Ann girl]

Hi mortgage queen
Is it better to have a higher mortgage payment (10 years and put principle payments on or lower payment for 15 years and put the extra money on principle which do I save the most intrest money on 100000.00 loan?

[MortgageQueen]

Hi mortgage queen
Is it better to have a higher mortgage payment (10 years and put principle payments on or lower payment for 15 years and put the extra money on principle which do I save the most intrest money on 100000.00 loan?

It's a bit difficult to answer that, because there's a lot of variables to when/how much/how often you make payments in the 2nd scenario.

But most likely the 1st scenario is the better one. For many reasons. But one big one is that although people "intend" to make lump sum payments on their mortgage, more often than not, that money gets sucked up on other things.
If you can increase your regular payment as much as possible, it's generally the fastest route to paying off your mortgage. Exceptions may be for people that receive large commissions or bonuses they can apply to mortgage.

[emg]

What are mortgage rates at? TIA